UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION




Washington,
D.C. 20549




FORM
10-K




þ  Annual
Report Pursuant to Section 13 or 15(d)


of the
Securities Exchange Act of 1934


For the
Fiscal Year Ended:  March 31, 2009


or


 ̈  Transition
Report Pursuant to Section 13 or 15(d)


of the
Securities Exchange Act of 1934




Commission
File Number: 333-126172




Man-AHL
130, LLC


(Exact
name of registrant as specified in its charter)




Delaware
            
            84-1676365(State or
      other jurisdiction of
            
            (I.R.S.
      Employerincorporation
      or organization)
            
            Identification
      No.)





c/o MAN INVESTMENTS (USA)
CORP.


123 North
Wacker Drive, 28th Floor


Chicago,
Illinois  60606


(Address
of principal executive offices)




Registrant’s
telephone number, including area
code:   (312) 881-6800




Securities
registered pursuant to Section 12(b) of the
Act:   None




Securities
registered pursuant to Section 12(g) of the Act: Class A and Class B Units of
Limited Liability Company Interest


(Title
      of Class)




Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in
Rule 405 of the Securities Act.    Yes
[  ]   No [X ]




Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Act.    Yes
[  ]   No [X ]




Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.   Yes [X]   No
[  ]




Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files). Yes
[  ]   No [  ]




Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K (§229.405 of this chapter) is not contained herein, and will not
be contained, to the best of registrant’s knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K.   [X]




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.  See definition of “large accelerated filer,” “accelerated
filer” and “smaller reporting company”  in Rule 12b-2 of the Exchange
Act.  (Check one):




Large
accelerated filer
[  ]                                                                           Accelerated
Filer [  ]


Non-accelerated
filer
[  ]                                                                            
Smaller reporting company [X]




Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Act).   Yes [   ]   No
[ X ]




State the
aggregate market value of the voting and non-voting common equity held by
non-affiliates computed by reference to the price at which the common equity was
last sold, or the average bid and asked price of such common equity, as of the
last business day of the registrant’s most recently completed second fiscal
quarter.




Not
applicable.




Documents
Incorporated by Reference




The
report of Deloitte & Touche and the financial statements of the Registrant
for the year ended March 31, 2009, which constitutes the Registrant’s annual
report to its Unitholders are included herewith as exhibit 13.01 and are
incorporated by reference into Item 8 of this Annual Report on Form
10-K.













PART
I




Item
1.   Business




(a)   General development of business




Man-AHL
130, LLC (“Man-AHL 130”) is a Delaware limited liability company organized April
14, 2005, pursuant to a Certificate of Formation filed with the Secretary of
State of the State of Delaware under the Delaware Limited Liability Company Act,
to engage in speculative trading in the futures, options and forward markets
under the direction of Man-AHL (USA) Limited, a registered commodity trading
advisor (“AHL”), and to invest a limited amount of its capital in Man-Glenwood
Lexington, LLC and Man-Glenwood Lexington TEI, LLC (collectively, the
“Man-Glenwood Funds”), registered investment companies managed by Glenwood
Capital Investments, L.L.C., which, in turn, invest, indirectly, in a portfolio
of private investment funds.  On June 28, 2005, Man-AHL 130 filed a
registration statement under the Securities Act of 1933 with the Securities and
Exchange Commission (“SEC”), which registration statement was subsequently
amended.  The registration statement became effective February 1, 2007
and registered 1,000,000 units of limited liability company interest, divided
equally between two classes (the “Units”).  Class A Units sold at an
initial offering price of $100 per Unit during the initial offering period ended
March 30, 2007.  The initial offering price of Class B Units at the
end of the initial Class B offering period ending March 31, 2008 was arbitrarily
set at the Net Asset Value of the Class A Units as of March 31,
2008.  A total of $17,140,816 of Class A Units and $13,917,548 of
Class B Units have been sold to the public as of March 31, 2009.  The
Net Asset Value of a Class A Series 1 Unit originally sold for $112.32 as of
July 1, 2007 and a Class A Series 2 Unit originally sold for $100 as of March
30, 2007 were $131.50 and $134.39, respectively, as of March 31,
2009.  The Net Asset Value of a Class B Series 1 Unit originally sold
for $131.84 as of April 1, 2008 and a Class B Series 2 Unit originally sold for
$133.07 as of April 1, 2008 were $131.94 and $134.84, respectively, as of March
31, 2009.  Class A and Class B Units are offered at the beginning of
each month based on their Net Asset Value, as of the end of the previous
month.  Class A Units are offered only to taxable investors, while the
Class B Units are offered only to tax-exempt investors.  Within each
Class, Units are issued in two separate Series.  Class A Series 1 and
Class B Series 1 Units are subject to a 1.25% annual Client Servicing Fee,
whereas Class A Series 2 and Class B Series 2 Units are not subject to a Client
Servicing Fee.  However, the two Classes and their respective Series
are designed to have virtually identical trading and investment
portfolios.  Man-AHL 130 began trading on April 2,
2007.  The Units are offered through a number of registered
broker-dealer selling agents, including Man Investments Inc., on a best efforts
basis.  The amount of capital raised for Man-AHL 130 does not have a
significant impact on its operations, as Man-AHL 130 has no significant capital
expenditure or working capital requirements other than to pay trading losses,
brokerage fees and charges.




Man
Investments (USA) Corp. (the “Managing Member”), a Delaware corporation, is the
managing member of Man-AHL 130.  The Managing Member invested $10,000
in Man-AHL 130 as a “seed capital” investment in conjunction with the formation
of Man-AHL 130 and subsequently purchased Class A Series 2 Units as an initial
contribution in an amount equal to $15 million as of March 30,
2007.  The Managing Member, AHL, Glenwood Capital Investments, L.L.C.
(“Glenwood”, to be renamed Man Investments (USA) LLC effective July 1, 2009) and
Man Investments Inc. (“Man Investments”) are affiliates of Man Group plc, a
public company listed on the London Stock Exchange (collectively, the “Man
Group”).




(b)   Financial information about industry segments




Man-AHL
130’s business constitutes only one segment, i.e., a speculative commodity
pool.  Man-AHL 130 does not engage in sales of goods and
services.  Financial information regarding Man-AHL 130’s business is
set forth in Item 6 “Selected Financial Data” and in Man-AHL 130’s Financial
Statements incorporated into Item 8 hereof and attached as Exhibit 13.01
hereto.




(c)   Narrative description of business




Man-AHL
130 is a speculative and leveraged managed futures fund which trades pursuant to
the AHL Diversified Program (the “AHL Diversified Program”), with the objective
of seeking medium- to long-term capital appreciation.  The AHL
Diversified Program is a global managed futures program directed on behalf of
Man-AHL 130 by AHL, its affiliate (and an affiliate of the Managing Member) Man
Investments Limited (“MIL”), a company organized under the laws of the United
Kingdom.  Prior to April 21, 2008, Man-AHL 130 conducted its foreign










1








c urrency
forward trading through MF Global UK Limited and subsequent to April 21, 2008,
engaged MIL to implement the foreign currency forwards trading component of the
AHL Diversified Program at no additional cost to Man-AHL 130.  The
personnel of MIL responsible for implementing the foreign currency forwards
trading component of the AHL Diversified Program on behalf of Man-AHL 130 are
the same as those of AHL who implement the AHL Diversified
Program.  AHL and MIL are collectively referred to as AHL in this
Annual Report on Form 10-K.




Although
managed futures funds typically hold all of their capital in reserve to cover
trading losses and margin their open futures and forward
positions,  Man-AHL 130 maintains approximately 70% of its capital in
cash and cash equivalents and invests the remainder of its capital —
approximately 30% — in the Man-Glenwood Funds, multi-strategy, multi-manager
funds of funds which emphasize efficient allocation of investor capital among
hedge funds and other pooled investment vehicles with a range of investment
strategies, managed by independent investment managers
(“Sub-Funds”).  The 30% investment in the Man-Glenwood Funds is made
by investing approximately 30% of Class A capital in Man-Glenwood Lexington, LLC
and 30% of Class B capital in Class A units of Man-Glenwood Lexington TEI,
LLC.  The Man-Glenwood Funds, in turn, allocate their capital, through
an investment in Man-Glenwood Lexington Associates Portfolio, LLC, a registered
investment company serving as a master investment vehicle (the “Portfolio
Company”), to a portfolio of private investment funds.




The AHL
Diversified Program is a global managed futures trading program that is
systematic (i.e., the
AHL traders’ market judgment has little to do with AHL’s trading), primarily
technical (i.e.,
focusing on market prices rather than attempting to analyze fundamental economic
data as a means of predicting prices) and primarily trend-following (i.e., attempting to identify
price trends and taking positions in direct response to such
trends).  While AHL’s trading systems themselves are continuously
being developed and/or adapted, the AHL trading approach leaves little room for
discretionary decision-making by the AHL traders — perhaps the most important
subjective judgment they make is whether to execute trades as a single order or
as a series of different trades.




The AHL
Diversified Program is quantitative and primarily directional (i.e., it employs statistical
models of market behavior in seeking to identify and take advantage of upward
and downward price trends in the commodities markets).  Trading takes
place 24 hours per day and real-time price information is used to respond to
price moves across a diverse range of approximately 34 exchanges in 100
different global markets encompassing stock indices, bonds, currencies,
short-term interest rates, metals, energies and soft commodities.  The
AHL Diversified Program may invest in a diversified portfolio of futures,
options and forward contracts, swaps and other financial derivative instruments
both on and off exchange.




In
addition to sector and market diversification, the AHL Diversified Program seeks
to achieve diversification by combining various systems driven by computerized
processes or trading algorithms, which sample prices in real-time and measure
price momentum and breakouts spread over the approximately 100 markets
traded.  The trading algorithms seek to initiate positions in trending
markets and close out positions when a high probability exists of a different
trend developing, although the AHL Diversified Program may include algorithmic
systems based on certain forms of quantitative fundamental data such as
interest-rate data.  For diversification, the AHL Diversified Program
deploys investment capital across the full range of sectors and
markets.  Factors determining asset allocation weightings to different
sectors and markets are market and sector correlations, expected returns, market
access costs and market liquidity.




Market
volatility is one widely accepted indication of risk.  The AHL systems
are designed to reduce the exposure of an account, such as Man-AHL 130, to a
market as its volatility — and, accordingly, risk — increases.  The
AHL Diversified Program systems, as applied, are intended to target defined
volatility levels rather than returns, assisted by computer-supported analytical
instruments and real-time risk control and management information
systems.




The AHL
Diversified Program uses margin and considerable leverage to reach model
allocations.  Although there is no limit to the amount of leverage the
AHL Diversified Program may employ, it will typically hold futures positions
with a face amount equal to approximately 300% to 800% of Man-AHL 130’s Net
Asset Value and typically employs 12% to 18% of an account’s notional value
(i.e., trading level)
to margin such positions.










2






The
central investment philosophy is that markets are characterized by real and
often fairly persistent pricing irregularities that are neither the result of
random behavior nor the outcome of perfectly informed or rational decisions by
market participants.  Powerful computerized processes or trading
algorithms are used to sample prices in real-time, seeking to identify and
exploit the existence of price trends.  The core trend-following
strategies include trading approaches which are intended to close out positions
once a trend is completed and there is a high probability of a different trend
developing.




These
strategies combine multiple signal generators based on various time frames,
ranging from two to three days to several months.  AHL operates a
number of different trend-following models.  These vary in terms of
the data they include in attempting to identify price trends (e.g., six-week moving average
prices, daily clearing prices for the last six months, intra-day highs and lows)
as well as in the criteria which they apply in identifying whether a price trend
has been determined.




In most
of the instruments in which Man-AHL 130 trades, AHL applies more than one of its
price trend-following identification models.  The number of different
models applied to a particular market may depend upon how liquid the market
is.  In instruments such as US Treasury bond futures, AHL can apply
multiple models and allocate evenly between high turnover, short-term trend
models and longer-term trend models.  In certain markets, on the other
hand, the liquidity (and hence the availability of positions) is significantly
more limited so that AHL is more likely to follow longer-term trend
models.  Markets with higher liquidity and lower access costs can
support higher trading frequencies and may receive greater allocation weightings
in the portfolio.  The core trend-following component is complemented
by proprietary strategies that seek to capture profits from the relative pricing
of related positions rather than absolute price movements.




All the
strategies and systems of the AHL Diversified Program are designed to target
defined volatility levels rather than returns, and the investment process is
underpinned by computer-supported analytical instruments and disciplined
real-time risk and management information systems.  A proprietary risk
measurement method similar to the industry standard “value-at-risk” helps ensure
that the rule-based decisions that drive the investment process remain within
predefined risk parameters.  Margin-to-equity ratios are monitored
daily, and the level of exposure in each market is quantifiable at any time and
is adjusted in accordance with market volatility.  Market correlation
is closely monitored to prevent over-concentration of risk and ensure optimal
portfolio weightings.  Market liquidity is examined with the objective
of ensuring that Man-AHL 130 will be able to initiate and close out trades as
indicated by AHL’s systems at market prices, while brokerage selection and trade
execution are continually monitored with the objective of ensuring quality
market access.




Refinements
to the AHL Diversified Program since its development include the introduction of
market volatility controls, an increase in the number and diversity of markets,
the introduction of 24-hour trading and systems differentiation to include
strategies that complement the main trend-following trading
algorithms.




AHL may
continue to increase the number and diversity of markets and instruments traded
directly or indirectly by the AHL Diversified Program.




The
Managing Member invests approximately 30% of Man-AHL 130’s capital in the
Man-Glenwood Funds, each a registered investment company, multi-strategy,
multi-manager fund of funds which emphasizes efficient allocation of investor
capital among hedge funds and other pooled investment vehicles with a range of
investment strategies, managed by independent investment
managers.  Historically, the AHL Diversified Program has required only
approximately 10% to 20% of an account’s capital to margin the full positions
which the AHL Diversified Program acquires for an account with 100% of such
capital.  These low margin requirements  (typical of many
managed futures programs) make possible Man-AHL 130’s investment of 30% of its
capital in the Man-Glenwood Funds.  The capital represented by such
investment would otherwise be held in reserve cash and cash equivalents in order
to cover losses in the AHL Diversified Program.  The following are
general descriptions of certain principal investment strategies represented in
the Man-Glenwood Funds’ investment portfolio.




Equity Hedge. Equity hedge
is characterized by managers investing in U.S. and international equity markets
with a strong commitment to running portfolios on a highly hedged basis.
Portfolios may be run either on a purely balanced exposure or within tight bands
of net exposure to the equity markets traded.  In addition, some
portion of equity hedge managers may run short only or short biased
exposures.  Returns can be driven by












3








fundamental
or quantitative security selection, both within or across sectors, but without a
significant beta exposure in the portfolio. As a result, with the exception of
short only or short biased exposures, net long or short market exposure
generally is not a driver of returns.




The
managers that are selected in this sector must be highly skilled with respect to
security selection, but also possess strong portfolio management skills in order
to reduce or mitigate the impact of sector, style or other systematic factors on
returns. These managers typically use low to moderate leverage in terms of gross
exposure, and tend to focus on highly liquid markets.




Risk in
this sector is often characterized by periods of underperformance in highly
directional and momentum-driven markets. These managers tend to experience
sustained periods of underperformance when there is little price differentiation
on either the short or the long side of the market and when market activity
tends to be dominated by beta or momentum within the market itself.




Event-Driven.  The
event driven style includes managers capitalizing on opportunities in
significant corporate events. Sometimes referred to as corporate lifecycle
investing, these events can include a wide variety of corporate activities that
are typically (though not always) centered on changes in the balance sheet,
capital structure or ownership of a company. The common theme of this strategy
is that the event changes the actual or perceived value of a company’s
securities, creating opportunity for astute and specialized investors. Examples
of such events would be:  (i) mergers and acquisitions; (ii) spinoffs
and/or divestitures of divisions or subsidiaries; and (iii) recapitalization or
changes in balance sheet structure through actions such as: (a) increasing
leverage through increased dividends, share buybacks or increased borrowings;
(b) decreasing leverage through equity issuance or debt paydown; (c) entry into
bankruptcy; (d) exit from bankruptcy: and (e) others.




The style
consists of two strategies: special situations and multi-strategy
event.




The
special situations strategy includes two main groups of managers. The first is
passive event generalist managers, who will capitalize on opportunities in
mergers, acquisitions, spinoffs, divestitures, recapitalizations and, in some
cases, the (debt or equity) securities of bankrupt, near bankrupt, or
post-bankruptcy companies. The second is activist managers, who try to influence
the value of their investments by taking large stakes in companies and
attempting to persuade managements, boards of directors and shareholders to
implement specific actions. In many cases, the actions that activist managers
advocate are the same corporate events that attract other event-driven managers
to the situation. In addition, some activist managers may advocate operational,
rather than corporate finance, changes as a means of realizing
value.




The
approaches activist managers use range from quiet cooperation to direct
confrontation, and the degree of control activist managers seek ranges from
simply convincing companies to complete a one-time event, to gaining effective
control of the company through board seats. Specific tactics range from quietly
and cooperatively making suggestions to management and/or boards of directions
to publicly advocating changes to proxy fights to gain board seats or force
other changes.




The
choice of whether to be passive or active often depends on the specific
situation. While managers will choose to emphasize activism to a greater or
lesser degree, managers using passive and active strategies are not mutually
exclusive. Many event generalists will become active in certain situations, and
many activists will make investments where they do not intend to take an active
role.




Multi-strategy
event consists of managers who, in addition to special situations trading also
engage in trading in distressed securities. They will tend to adjust the mix of
these strategies as underlying market conditions warrant.




Distressed and
Credit.  Managers in this style will take directional positions
in corporate debt securities. The strategies within this style are distressed
debt and credit long/short. Both of these strategies will tend to invest in
corporate debt securities based on fundamental credit analysis of the underlying
companies.










4






In
distressed debt, although managers tend to be long-biased over the cycle, they
will take both long and short positions in the securities of companies who are
in bankruptcy, have the near-term potential to enter bankruptcy, or have
recently emerged from bankruptcy. The potential for excess returns in the
strategy derives from structural impediments to many institutions holding
distressed securities and from the difficulty of evaluating securities and
claims that are subject to bankruptcy proceedings.




In credit
long/short, managers will typically take directional long and short positions in
corporate debt securities. Although they will tend to have some directional bias
at any point in time, managers in this strategy will tend to be neutral about
the overall direction of the credit markets over the course of the cycle. In
addition, managers will also take some relative value positions between
different credits and within the capital structure of the same credit. Excess
returns in this strategy come from structural inefficiencies due to the
dominance of these markets by ratings and regulator-driven investors as well as
the ability to construct attractive risk-return positions by virtue of the
option-like characteristics of long and short credit positions.




Relative Value.
Relative value is characterized by the ability to exploit mispricings within
different securities of either the same issuer or of issuers with similar
fundamental characteristics. This strategy can often involve exploiting the
optionality in the market for select securities, particularly for convertible
bonds.




Returns
are generated by being long or short the spreads of related securities and the
impact of the tightening or widening of these spreads. While the strategies
within the relative value style tend to be classified as arbitrage strategies,
they are not necessarily market neutral, nor are they necessarily perfect or
realizable arbitrage. Managers often rely on a moderate to higher level of
leverage in order to profit from small pricing discrepancies.




The risks
associated with relative value include liquidity risk of the leverage used in
the portfolio and the fundamental illiquidity that can underlie specific markets
in which the manager is invested. Managers are generally invested in equities,
debt and derivative securities. These securities may be listed or
over-the-counter.




Variable
Equity.  Variable equity is characterized by managers who
invest in U.S. and international equity markets in a traditional, trading
oriented style. Managers generally take on larger net exposures than their
equity hedge counterparts. In fact, these portfolios are often characterized by
shifts in gross and net exposures over time as market conditions change, and
certain managers may position their portfolios as either purely net-long or
net-short.




Variable
equity returns are primarily driven by the managers’ individual stock selection
skills and their abilities to identify shifts in market direction. Variable
equity managers generally use little leverage.




Risks
generally arise from the managers’ stock picking decisions, specifically
investments in individual securities that may move against them. These managers
also can be vulnerable to unexpected and rapid directional shifts in the
markets.




Commodity and
Macro.  Commodity and macro managers typically attempt to
profit from directional trading across the spectrum of asset classes. In
general, positions are concentrated in commodities, currencies, interest rates
and stock index futures. However, managers may also take positions in specific
equity or credit securities, but these positions tend to be driven by a more
thematic as opposed to company-specific rationale. In addition, while many macro
positions tend to be directional there may also be a significant amount of
exposure to relative value trades among various commodities, currencies,
interest rates and stock index markets, either within or across countries and
geographic regions.




The
master trading vehicle in which the Man-Glenwood Funds invest divides this style
into three distinct strategies, discretionary commodity managers, systematic
commodity trading advisors (‘CTAs’), and global macro managers (both systematic
and discretionary).




Discretionary
commodity managers tend to take directional and relative value positions in
commodities and commodity-related securities. The rationale for these positions
is largely based on fundamental research into the supply and demand for the
commodity, and, in the case of securities, the sensitivity of the issuing
companies to










5






changes
in the price of the commodity. Managers are able to earn attractive returns by
successfully gathering and interpreting information from a variety of sources,
both public and proprietary.




Systematic
CTAs trade commodities, currencies, interest rates and stock indices through
both the futures and cash markets. Their trades are based on signals generated
by quantitative algorithms that are largely if not exclusively based on price
data. Most managers in this sector use trend-following systems that attempt to
capture price momentum in these markets.




Global
macro managers attempt to profit from large directional or relative value moves
in any of the major asset classes, but unlike systematic CTAs, tend to be more
reliant on fundamental as opposed to price data. These managers can be either
systematic, applying quantitative algorithms to economic data, or fundamental,
applying the manager’s judgment to whatever the manager believes is the
pertinent data for the particular asset class being traded. In general, these
managers benefit from large changes in the absolute or relative prices within or
across asset classes. Global macro managers are largely unconstrained in terms
of asset class and are potentially able to earn excess returns by correctly
predicting price moves in a wide range of instruments and generally benefit from
inefficiencies and price distortions that arise when more constrained investors
(e.g., central banks, corporate foreign exchange hedgers, etc.) are forced to
make less economically optimal trading decisions.




Most
commodity and global macro managers have an expected volatility higher than
those of other hedge fund styles represented in other Man Group portfolios.
However, due to their strong diversification characteristics as compared to
other hedge fund strategies, commodity and global macro funds can serve to
protect portfolio capital during difficult market conditions.




The
Managing Member receives a management fee of 1/12 of 0.75% of the Net Asset
Value of all outstanding Units at each month-end (a 0.75% annual rate),
calculated monthly and paid quarterly in arrears.  For managing
Man-AHL 130’s assets pursuant to the AHL Diversified Program, Man-AHL (USA)
Limited receives a management fee of 1/6 of 1% of the month-end notional value
of Man-AHL 130’s AHL account (a 2% annual rate) – approximately equal to Man-AHL
130’s Net Asset Value – calculated and paid as of the end of each calendar month
and a monthly incentive fee of 20% of any “new net profit” attributable to
Man-AHL 130’s AHL account (the capital attributable to both Classes of Units
will be traded in the same AHL account).  “New net profit” is the
increase in the month-end net asset value of the AHL account (after deduction of
monthly management fees, expenses and brokerage commissions and excluding net
interest income) over the account’s highest net asset value as of the end of any
preceding month, adjusted for capital contributions and redemptions, or the
commencement of trading.  Until January 1, 2009, Man-AHL 130’s
investment in the Man-Glenwood Funds was subject to annual management, investor
servicing and administrative fees and expenses equal to approximately 3.0% per
annum of the aggregate value of Man-AHL 130’s investment in the Man-Glenwood
Funds, calculated monthly and paid quarterly.  As of January 1, 2009,
such fees and expenses were reduced to approximately 2.25% per annum of the
aggregate value of Man-AHL 130’s investment in the Man-Glenwood
Funds.  The investment managers of the Sub-Funds generally charge
their Sub-Funds a management fee, generally ranging from 0% to 3% annually of
the net assets under their management (including Man-AHL 130’s investment
indirectly through the Portfolio Company), and some or all of the Sub-Fund
managers receive performance or incentive allocations generally expected to
range from 20% to 25% of net profits annually or quarterly, although on occasion
these fees and/or allocations may be higher or lower.




Man-AHL
130’s organizational and initial offering costs were paid by the Managing
Member, or an affiliate, without reimbursement from Man-AHL 130 or investors in
Man-AHL 130 (“Unitholders”).  Man-AHL 130 pays the routine costs of
executing and clearing Man-AHL 130’s trades, administrative expenses, including
costs incurred in connection with the continuing offering of Man-AHL 130’s
Units, and any extraordinary expenses which it may incur.




Man-AHL
130 has entered into an administration agreement with SEI Global Services, Inc.,
an independent third party administrator (the “Administrator”), to provide
various services (such as administration, accounting, valuation, tax reporting
and investor services) at competitive rates.  Total administrative
expenses of Man-AHL 130 in excess of 1/12 of 0.50% of each month-end Net Asset
Value (approximately 0.50% of Net Asset Value per annum) through March 31, 2009,
were paid by, or reimbursed to Man-AHL 130 by, the Managing Member or an










6










affiliate.  Since
March 31, 2009, expenses in excess of such 0.50% per annum level have been
payable by Man-AHL 130, but may be paid by the Managing Member in its
discretion.




MF Global
Inc. and Credit Suisse, Sydney Branch serve as futures brokers for Man-AHL 130
and Royal Bank of Scotland plc serves as Man-AHL 130’s foreign exchange
contracts prime broker.  Man-AHL 130 may engage additional futures
brokers and/or currency forward dealers or replace the current ones at any
time.  Man-AHL 130 pays “bid asked” spreads on its forward trades, as
such spreads are incorporated into the pricing of forward
contracts.




Man-AHL
130 is open-ended and may offer Units at Net Asset Value as of the first day of
each month.  Unitholders may redeem Units upon as of the end of any
calendar quarter, upon 45 days’ prior written notice to the Managing
Member.  In order to pay redemption proceeds, it may be necessary for
Man-AHL 130 to tender for repurchase a portion of its investment in the
Man-Glenwood Funds.  Man-AHL 130 will attempt to have such investment
repurchased through the Man-Glenwood Funds’ quarterly tender
process.  Redemption proceeds will generally be paid within 45 days
after the quarter-end of redemption.  If quarter-end redemptions are
requested for more than 15% of Man-AHL 130’s total then-outstanding Units, each
redemption request will be reduced pro rata so that only 15% of
Man-AHL 130’s total then-outstanding Units are redeemed.  Units not
redeemed due to the reduction of a redemption request will remain subject to
increase or decrease in value as a result of Man-AHL 130’s trading
activities.   Redeeming Unitholders will be notified if
redemption requests for any given quarter-end are likely to be pro rated in order to comply
with such 15% limitation, and will be given an opportunity to withdraw their
redemption requests.




Man-AHL
130’s cash and cash equivalent investments are used by Man-AHL 130 to engage in
its trading activities and as reserves to support that
trading.  Man-AHL 130’s assets deposited with the futures brokers as
margin are maintained in segregated accounts as required by Commodity Futures
Trading Commission (the “CFTC”) or applicable foreign
regulation.  Assets not deposited as margin or invested in the
Man-Glenwood Funds are maintained in accounts with the currency forward
counterparties as collateral in connection with Man-AHL 130’s foreign currency
forward trading or with third party banks in the name of Man-AHL
130.  The Managing Member believes that, if need be, Man-AHL 130’s
investment in the Man-Glenwood Funds can be liquidated through the Man-Glenwood
Funds’ quarterly tender process to support Man-AHL 130’s AHL Diversified Program
trading.




Man-AHL
130 does not engage in lending (other than through permitted securities
investments).  The Managing Member does not anticipate making any
distributions of profits, if any.




Regulation




Under the
Commodity Exchange Act, as amended (the “CEA”), commodity exchanges and futures
trading are subject to regulation by the CFTC.  National Futures
Association (“NFA”), a “registered futures association” under the CEA, is the
only non-exchange self-regulatory organization for futures industry
professionals.  The CFTC has delegated to NFA responsibility for the
registration of “commodity trading advisors,” “commodity pool operators,”
“futures commission merchants,” “introducing brokers” and their respective
associated persons and “floor brokers” and “floor traders.”  The CEA
requires commodity pool operators, such as the Managing Member, and commodity
trading advisors, such as AHL, and commodity brokers or futures commission
merchants, such as MF Global to be registered and to comply with various
reporting and record keeping requirements.  The CFTC may suspend a
commodity pool operator’s or trading advisor’s registration if it finds that its
trading practices tend to disrupt orderly market conditions or in certain other
situations.  In the event that the registration of the Managing Member
as a commodity pool operator or AHL’s registration as a commodity trading
advisor were terminated or suspended, termination of Man-AHL 130 might
result.




In
addition to such registration requirements, the CFTC and certain commodity
exchanges have established limits on the maximum net long or net short position
which any person may hold or control in particular commodities.  Most
exchanges also limit the changes in futures contract prices that may occur
during a single trading day.   Currency forward contracts are not
subject to regulation by any United States Government agency.




(i)   through
(xii) - not applicable.










7








(xiii)   Man-AHL
130 has no employees.




(d)   Financial information about
geographic areas




Man-AHL
130 does not engage in material operations in foreign countries (although it
does trade in foreign currency forward contracts and on foreign futures
exchanges), nor is a material portion of its revenues derived from foreign
customers.




(e)   Available
information




Not
applicable.




Item
1A.   Risk
Factors




Not
required.




Item
1B.   Unresolved Staff
Comments.




Not
required.




Item
2.   Properties




Man-AHL
130 does not own or use any physical properties in the conduct of its
business.  The Managing Member and various service providers perform
services for Man-AHL 130 from their offices.




Item
3.   Legal Proceedings




The
Managing Member is not aware of any pending legal proceedings to which either
Man-AHL 130 is a party or to which any of its assets are subject.  In
addition there are no pending material legal proceedings involving the Managing
Member.




Item
4.   Submission of Matters to a
Vote of Security Holders




None.




PART
II




Item
5.   Market for the Registrant’s Common Equity and


Related Stockholder Matters




(a)   Market Information.




There is
no trading market for the Units, and none is likely to develop.  Units
may be redeemed upon  45  days’ written notice to the Managing
Member at their Net Asset Value as of the last day of any calendar quarter;
provided, however, if quarter-end redemptions are requested for more than 15% of
Man-AHL 130’s total then-outstanding Units, each redemption request will be
reduced pro rata so
that only 15% of Man-AHL 130’s total then-outstanding Units are
redeemed.  In the event that Man-AHL 130 receives redemption requests
in excess of the 15% limitation for eight consecutive quarters, Man-AHL 130 will
cease its trading and investment activities and will terminate as promptly as
possible.




(b)   Holders.




As of
March 31, 2009, there were 46 holders of  Class A Units and 273
holders of Class B Units.










8






(c)   Dividends.




No
distributions or dividends have been made on the Units, and the Managing Member
has no present intention to make any.




(d)   Securities Authorized for
Issuance Under Equity Compensation Plans.




None.




(e)   Recent Sales of Unregistered
Securities; Use of Proceeds from Registered Securities.




There
have been no sales of unregistered securities during the period covered by this
annual report on Form 10-K.




(f)   Use of
Proceeds.




The use
of proceeds information is being disclosed for Registration Statement No.
333-126172 declared effective on February 1, 2007, registering 500,000 Class A
and 500,000 Class B Units of limited liability company interest for sale at an
initial offering price of $100 per Unit.  The offering of the Units
commenced on or about March 31, 2007 and Units are offered as of the beginning
of each calendar month on a continuous basis. The offering has not
terminated.  A total of $17,140,816 of Class A Units and $13,917,548
of Class B Units have sold to the public as of March 31,
2009.  Man-AHL 130 has incurred total expenses through March 31, 2009
of $5,263,473.




(g)   Issuer Purchases of Equity
Securities.




Pursuant
to Man-AHL 130’s Limited Liability Company Agreement, Unitholders may redeem
their Units at the end of each calendar quarter at the then current quarter-end
Net Asset Value per Unit.  If quarter-end redemptions are requested
for more than 15% of Man-AHL 130’s total then-outstanding Units, each redemption
request will be reduced pro
rata so that only 15% of Man-AHL 130’s total then-outstanding Units are
redeemed.  In order to pay redemption proceeds, it may be necessary
for Man-AHL 130 to tender for repurchase a portion of its investment in the
Man-Glenwood Funds.  Each Man-Glenwood Fund generally withholds 5% of
the proceeds of a total repurchase from such Man-Glenwood Fund until the
completion of the Man-Glenwood Fund’s annual audit.  The amount
withheld from a total repurchase by Man-AHL 130 from the Man-Glenwood Funds will
be approximately 1.5% of a Unitholder’s total investment.  Rather than
withhold redemption proceeds from Unitholders redeeming Units, however, the
Managing Member intends to pay the full redemption amount due to redeeming
Unitholders and the amount subsequently paid to Man-AHL 130 by the Man-Glenwood
Funds from the amount withheld will be a general asset of Man-AHL
130.  Other than any affect of the foregoing, the redemption of Units
has no impact on the value of Units that remain outstanding.  Units
are not reissued once redeemed.




The
following table summarizes the redemptions by Unitholders during the first
calendar quarter of 2009:




Month
                    Class/Series
                    Units
      Redeemed
                    Redemption
      Date NAV Per UnitJanuary
      31, 2009
                    Class
      A Series 1
                    0
                    0Class
      A Series 2
                    0
                    0Class
      B Series 1
                    0
                    0Class
      B Series 2
                    0
                    0






9




February
      28, 2009
                      Class
      A Series 1
                      0
                      0Class
      A Series 2
                      0
                      0Class
      B Series 1
                      0
                      0Class
      B Series 2
                      149.608
                      142.161March
      31, 2009
                      Class
      A Series 1
                      237.267
                      131.498Class
      A Series 2
                      287.542
                      134.391Class
      B Series 1
                      303.398
                      131.941Class
      B Series 2
                      344.145
                      134.847


Item
6.   Selected Financial Data





Not
required.




Item
7.   Management’s Discussion and Analysis of Financial


Condition and Results of Operations




Reference
is made to “Item 6.  Selected Financial
Data” and “Item 8.  Financial Statements and
Supplementary Data.”  The information contained therein is
essential to, and should be read in conjunction with, the following
analysis.




Capital
Resources




Due to
the low margins required to support futures and forward trading, only
approximately 10% to 20% of the capital of a managed futures fund such as
Man-AHL 130 is needed to margin its positions.  Man-AHL 130 holds most
of its capital in cash and cash equivalents while investing approximately 30% of
such capital in the Man-Glenwood Funds, both for profit potential and
diversification purposes.  Man-AHL 130’s investment in the
Man-Glenwood Funds cannot be used to margin its futures trading and would be
liquidated to the extent that the Managing Member was able to do so and deemed
it advisable to do so to support Man-AHL 130’s futures trading.  There
can be no assurance that Man-AHL 130 will maintain any investment in the
Man-Glenwood Funds.  The Managing Member is under no obligation to
maintain Man-AHL 130’s investment in the Man-Glenwood Funds, and may reduce or
eliminate such investment at any time through the Man-Glenwood Funds’ quarterly
tender process.




Man-AHL
130, not being an operating company, does not incur capital
expenditures.  It functions solely as a passive trading vehicle, and
after its initial allocation to the AHL Diversified Program and the Man-Glenwood
Funds, its remaining capital resources are used only as assets available to
provide variation margin and pay expenses and trading losses incurred on Man-AHL
130’s AHL Diversified Program account, as well as invest in the Man-Glenwood
Funds to maintain appropriate exposure.




Liquidity




The AHL
Diversified Program generally maintains highly liquid positions, and the assets
held by Man-AHL 130 to support AHL’s trading are cash or highly-liquid Treasury
bills, deposit accounts or other cash equivalents.








10






Man-AHL
130 invests a limited portion of its capital in the Man-Glenwood
Funds.  Because the Man-Glenwood Funds are closed-end registered
investment companies, members of the Man-Glenwood Funds do not have the right to
require the Man-Glenwood Funds to repurchase any or all of their
units.  To provide a limited degree of liquidity to investors, the
Man-Glenwood Funds offer quarterly liquidity through discretionary tender offers
for their units pursuant to written tenders.  Repurchases will be made
at such times, in such amounts, and on such terms as may be determined by the
Man-Glenwood Funds’ boards, in their sole discretion.  Under certain
circumstances, such tender offers may not occur as scheduled or may not be
sufficient to satisfy the full amount requested to be repurchased by Man-AHL
130.  However, the Man-Glenwood Funds’ component of Man-AHL 130’s
portfolio represents an allocation of only 30% of Man-AHL 130’s capital, and the
Managing Member believes that any delays in receiving repurchase payments from
the Man-Glenwood Funds are unlikely to adversely affect Man-AHL 130’s
operations.




The
Managing Member does not anticipate the need for additional sources of
liquidity, given that approximately 70% of Man-AHL 130’s capital is held in cash
and highly liquid cash equivalents, and, if necessary, Man-AHL 130 is expected
to be able to liquidate part of its investment in the Man-Glenwood Funds through
the Man-Glenwood Funds’ quarterly tender process.




During
its operations through March 31, 2009, Man-AHL 130 experienced no meaningful
periods of illiquidity in any of the numerous markets in which it
trades.




Critical Accounting
Principles




Man-AHL
130 records its transactions in futures and forward contracts, including related
income and expenses, on a trade-date basis.  Open futures contracts
traded on an exchange are valued at market, which is based on the closing
settlement price on the exchange where the futures contract is traded by Man-AHL
130 on the day with respect to which Man-AHL 130’s Net Asset Value is being
determined.  Open forward contracts and other derivatives traded on
the interbank market are valued at their settlement price on the day with
respect to which Man-AHL 130’s Net Asset Value is being determined.




Man-AHL
130 will value its investment in the Man-Glenwood Funds at its net asset value,
which approximates fair value, as provided by the Man-Glenwood
Funds.




The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions, such as accrual of expenses, that affect the amounts
and disclosures reported in the financial statements.  Based on the
nature of the business and operations engaged in by Man-AHL 130, the Managing
Member believes that the estimates utilized in preparing Man-AHL 130’s financial
statements are appropriate and reasonable; however, actual results could differ
from the estimates.  The estimates do not provide a range of possible
results that would require the exercise of subjective judgment.  The
Managing Member further believes that, based on the nature of the business and
operations of Man-AHL 130, no other reasonable assumptions relating to the
application of Man-AHL 130’s critical accounting estimates other than those to
be used would likely result in materially different amounts from those
reported.




Off-Balance Sheet
Arrangements




Man-AHL
130 does not engage in off-balance sheet arrangements with other
entities.




Contractual
Obligations




Man-AHL
130 does not enter into contractual obligations or commercial commitments to
make future payments of a type that would be typical for an operating company or
that would affect its liquidity or capital resources.  Man-AHL 130’s
sole business is trading futures contracts, forward currency and other OTC
contracts, both long (contracts to buy) and short (contracts to sell), and
investing in cash, cash equivalents and its investment in the Man-Glenwood
Funds.  All of Man-AHL 130’s futures, forward and OTC contracts, other
than certain currency forward contracts, are settled by offset, not
delivery.  The substantial majority of such contracts are for
settlement within four to six months of the trade date and the substantial
majority of such contracts are held by Man-AHL 130








11








for less
than four to six months before being offset or rolled over into new contracts
with similar maturities.  Man-AHL 130’s annual audited financial
statements, included as Exhibit 13.01 of this report, present a Condensed
Schedule of Investments setting forth net unrealized appreciation (depreciation)
of Man-AHL 130’s open positions, both long and short, at March 31, 2009 fiscal
year-end.




Results of
Operations




Man-AHL
130 was organized on April 14, 2005 under the Delaware Limited Liability Company
Act, and its Registration Statement under the Securities Act of 1933, as
amended, became effective on February 1, 2007.  Its fiscal year ends
March 31.  Man-AHL 130 commenced trading operations April 2,
2007.




Performance
Summary




31-Mar -09
                      
                      
                      31-Mar -08Ending
      Equity
                      
                      $
      31,808,255
                      
                      
                      $20,408,632





Man-AHL
130’s net assets increased $11,399,623 for the year ended March 31, 2009. This
increase was attributable to aggregate subscriptions of $15,658,364, aggregate
redemptions of $5,162,317 and net income from operations of
$903,576.




Management
Fees of $851,887, Incentive Fees of $1,156,176, Client Servicing Fees (Series 1
Units only) of $63,873 and brokerage commissions of $4,466 were paid or accrued,
and interest of $282,870 was earned or accrued on Man-AHL 130’s cash and cash
equivalent investments, for the year ended March 31, 2009.




Man-AHL
130 paid administrative expenses for legal, audit, accounting and administration
services, limited to 1/12 of 0.50% per month of Man-AHL 130’s month-end NAV
through March 2009.  After March 31, 2009, expenses in excess of such
0.50% per annum level have been payable by Man-AHL 130, but may be paid by the
Managing Member in its discretion.  Administrative and other expenses,
paid or accrued, for the year ended March 31, 2009 were $667,608, which were
offset in part by reimbursement from the Managing Member in the amount of
$510,604.




Man-AHL
130 is a speculative managed futures fund which trades pursuant to the AHL
Diversified Program.  The AHL Diversified Program is a futures and
forward price trend-following, trading system.  The AHL Diversified
Program is entirely quantitative in nature and implements trading positions on
the basis of statistical analyses of past price histories.  Like most
trend-following systems, the AHL Diversified Program is designed in the
anticipation that most of its trades will be unprofitable; the objective of
overall profitability depending on the system identifying certain major trends
which occur and recognizing significant profits from participating in such
trends.




The past
performance of the AHL Diversified Program is not necessarily indicative of its
future results.  This is the case with all speculative trading
strategies.  Moreover, the markets in which the AHL Diversified
Program is active have seen major changes in recent years, including the influx
of entirely different classes of market participants.  These changed
circumstances may mean that the markets in which AHL has previously traded are
not necessarily representative of those in which it trades on behalf of Man-AHL
130.




As a
speculative futures fund, Man-AHL 130 effectively maintains all of its capital
in reserve.  Man-AHL 130 does not “buy” or “sell” futures or forward
contracts in the traditional sense; rather, through taking positions in these
markets, Man-AHL 130 acquires loss/profit exposure and uses its capital to cover
losses and provide margin (which constitutes a good faith deposit towards
Man-AHL 130’s obligation to pay such losses) to support its open
positions.  Man-AHL 130 will maintain most of its capital in cash and
cash equivalents.




Futures
trading programs are proprietary and confidential.  As is the case
with any speculative futures fund, it is impossible to predict how Man-AHL 130
will perform.  It is not possible, as it is in the case of an
operating business, to predict performance trends, analyze futures markets
conditions or evaluate the likely success or failure of Man-AHL
130.










12






There are
certain general market conditions in which Man-AHL 130 is more likely to be
profitable than in others.  For example, in trendless or stagnant
markets, the AHL Diversified Program is unlikely to be profitable.  On
the other hand, trending markets with substantial price change momentum can be
favorable to the AHL Diversified Program.  However, because of the
continually changing population of market participants as well as supply and
demand characteristics, it cannot be predicted how Man-AHL 130 will perform in
any given market conditions.




Three
months ended March 31, 2009:




During
the three month period ended March 31, 2009, Man-AHL 130’s trading within the
agricultural sector had mixed performance after small gains from wheat positions
were offset by slight losses from exposure to soymeal, soybeans and
corn.  Trading in government bond markets posted a loss over the
quarter.  Primarily long positions in almost all markets were
responsible for the losses as previously profitable trends become volatile and
choppy, with many positions impacted by significant fluctuations in
prices.  Currency trading posted a loss over the quarter, with the
majority of losses coming in the last three weeks of March.  Long
Japanese yen positions against the US dollar proved to be the largest detractor
to performance.  Energy trading had an overall negative quarter as the
previous year’s trend in the oil market came to an end.  Global
recession pushed oil prices down while OPEC agreed to cut production and some
positive economic data helped rally commodities.  Losses were improved
by positive performance in short natural gas trades.  Interest rate
trading was positive for the quarter.  Long Euribor positions were
responsible for almost of all of the sector’s positive
performance.  Trading in base metals made a slight loss over the
period.  Short positions in copper were the largest detractor from
performance as the commodity experienced a rally towards the end of the period
amidst improving US economic data and a more optimistic outlook for the Chinese
economy.  Short positions in aluminum proved to be the best
performance as prices declined sharply over January as the outlook for future
demand deteriorated and stock levels increased, pushing prices
lower.  Trading in precious metals posted a loss over the
quarter.  Stock trading was the greatest positive contributor to
overall returns in the first quarter with overall short positions in stock
indices producing solid returns.  Positions in the S&P 500 and
Euro-STOXX produced the largest gains while the Nasdaq 100 index held back the
sectors performance.





During
the three month period ended March 31, 2009, the Man-Glenwood Funds’ commodity
& macro managers posted a positive return for the quarter with the majority
of gains coming from January as managers were able to capitalize on the moves in
global fixed income and currencies.  Returns for global macro managers
were mixed for the last month of the quarter.  Managers who were up
for the month largely benefited on bond market moves (both on the long and short
ends of global yield curves).  Negative performance was largely driven
by long USD positions and long energy during the second half of the
month.  The distressed and credit style posted a positive return for
the quarter.  In March, majority of the manager’s benefited from long
debt and equity positions.  The equity hedge style posted a positive
return over the quarter.  As global equity markets deteriorated in
January and February, equity hedge managers with net-short positions,
particularly in financial, consumer related and healthcare stocks,
outperformed.  Other managers that executed an active trading style
were able to generate returns by taking advantage of market flows as well as
actively trading earnings seasons.  Event driven managers had a
difficult January and February as managers were impacted by the broad sell-off
in equity markets.  A large number of managers saw core long positions
in a variety of sectors trading down, resulting in significant losses for this
style.  Relative value managers closed out the first quarter with
solid performance, as improved investor sentiment resulted in market prices
re-aligning with fundamental prices.  The convertible arbitrage
strategy as a whole has enjoyed a strong quarter as risk appetite has started to
return.  Additionally volatility strategies have proved
beneficial.  Single stock volatility trading has also been profitable
as markets started to focus on specific factors rather than macro
headlines.  The variable equity style started off January in the
negative territory but ended the quarter on a strong note.  Positive
contributions came from managers that ran with more net long exposure to Asian
and European markets, specifically in the industrial and financial
sectors.





Three
months ended December 31, 2008:





During
the three month period ended December 31, 2008, trading by the AHL Diversified
Program in all sectors contributed to performance, led by strong gains from
currency and bond markets.  Lingering concerns over the sustainability
of the global banking system, worldwide recessionary fears, talk of deflation
and severe risk aversion were all issues that made this period a challenging
investing environment.  However, amid this testing environment many
financial markets exhibited strong trending behavior.  Trading in base
metals enjoyed a








13






profitable
quarter.  Short positions were held for the majority of markets traded
and trading in precious metals finished the quarter relatively
flat.  Trading in energy markets posted significant
gains.  Positions held within the agricultural sector posted a profit
over the quarter as all but one contract contributed positively to overall
performance.  Government bond markets generally rallied throughout the
quarter as the economic outlook worsened.  Trading in stock indices
also posted a gain over the period.  Short positioning in almost all
markets traded contributed positively to overall performance while interest rate
trading enjoyed a profitable quarter, contributing strong gains despite a
relatively small allocation.  Strong trends emerged in interest rate
markets as it became apparent that central banks around the globe would respond
to the growing economic crisis and increasing talk of deflationary pressures by
aggressively slashing interest rates.  Trading in currency markets
posted a strong return, ending the quarter as the largest contributor to
profits.  One of the key trades this quarter was short British pound
positions against the US dollar and Euro.  The dollar was viewed by
investors as a safe haven currency and as such attracted a huge amount of buying
interest.





During
the three month period ended December 31, 2008, the Man-Glenwood Funds’
commodity and macro managers posted mixed results with the bulk of losses
stemming from a difficult October which saw extreme price movements across all
asset classes.  The equity hedge style posted a positive return for
the quarter.  Volatility spiked to a record high 80% on October 27
before closing around 60%.  Event driven managers have had a difficult
time this year, as this style tends to move in sympathy with the equity
markets.  Activist managers were largely down in the
quarter.  The relative value style posted negative performance
overall.  Gloomy economic data set the tone for continued falling
government bond yields as central banks maintained their policy of aggressively
cutting rates.  Variable equity managers posted negative returns for
the quarter.  Losses from long-biased thematic managers offset any
gains.  The majority of the distressed and credit managers posted
negative returns for the quarter.  The best performing manager posted
consistently positive performance through the quarter.  This was
largely attributable to net short positioning.




Three
months ended September 30, 2008:




During
the three month period ended September 30, 2008, trading by the AHL Diversified
Program in the agricultural sector produced a small loss.  However,
short positions in cotton and wheat profited over the quarter.  Gains,
however, were more than offset by long positions in corn and soybeans after both
suffered severe price declines after reaching record highs.  The grain
market also came under increasing pressure as the US dollar rebounded over the
period.  Bond trading posted a loss over the third
quarter.  Euro Bond and UK Gilt positions posted the majority of their
losses in July as short positions struggled.  European Bond prices
ticked upwards as economic data continued to indicate that the European economy
as a whole was under pressure.  Positions in Japanese bonds posted a
solid gain in August, but in September this gain was reversed and additional
losses occurred.  Long Australian bonds achieved strong profits in
August.  The currency component incurred a loss over the reporting
period.  Long positions in the euro against the US dollar detracted
from performance as the US dollar increased against the euro.  Long
positions in the Australian dollar against the US dollar were also among the
main detractors.  Short positions in the Japanese yen against the US
dollar also proved detrimental to overall performance.  Long positions
in the euro against the Swiss franc and the British pound posted further losses
as the European single currency weakened significantly.  Further
positive contributions came from short positions in the Swiss franc against the
US dollar as the US currency strengthened over the course of the reporting
period.  Trading within the energy sector posted a sharp decline in
the 3rd quarter
of 2008 as all markets posted losses.  Natural gas prices fell by
almost 50% over the period.  Reports from the US Energy Department
highlighted an increase in inventories as the economic picture continued to
deteriorate, reducing demand.  Interest rate positions posted a loss
over the quarter.  Trading in Euribor contracts was the main source of
negative returns as prices remained volatile and without a clear trend for the
majority of the quarter.  On the positive side, long positions in
Australian T-Bills posted solid gains in August and September.  Metal
trading posted a loss over the period.  Although initially profiting,
gains reversed into losses after prices tumbled over the majority of
July.  Long copper positions generated further losses in August as
recessionary fears deepened.  On the positive side, short nickel
trades performed well.  Short positions in numerous stock indices
provided strong profits over the period after global equities fell sharply as
the credit crisis continued to deepen and spill over into the wider
economy.  Returns were mainly accrued from Asia-Pacific indices such
as the Nikkei 225, TOPIX and Hang Seng after they experienced some of the
greatest falls over the quarter.  Short positions in the S&P 500
index also harvested profits over the period.












14







During
the three month period ended September 30, 2008, the Man-Glenwood Funds’
commodity & macro managers posted losses.  The sell-off in
commodities that began in July continued throughout the
quarter.  Market volatility reached historic highs at quarter-end as
technical pressures and unprecedented government interventions seemed to only
aggravate already poor market conditions.  Strong reversals (in terms
of speed and magnitude) in equities, currencies, fixed income and commodities
throughout September had a significant negative effect on most managers’
performance.  The majority of positive returns were generated from
relative value trades early in the quarter with their defensive posture helping
to preserve capital as the markets deteriorated.  However, the
government ban on short selling prevented the short common equity from hedging
losses from the long trust preferreds.  Equity hedge managers also had
a difficult quarter, posting negative returns across the board with the
exception of our dedicated short sellers.  Event driven and activist
managers have had a difficult year so far and the third quarter was no
exception.  Overall, the relative value allocation
underperformed.  Convertible arbitrage managers suffered the most due
to continued credit concerns and very limited liquidity.  One
multi-strategy manager benefited from the relative performance of specific stock
positions in their relative value, special situations and merger arbitrage
trades and posted strong positive performance for the
quarter.  Performance for variable equity managers was largely
negative for the quarter (most losses came in September).




Three
months ended June 30, 2008:




During
the three month period ended June 30, 2008, the agriculturals component of the
AHL Diversified Program returned a profit as long positions in corn led
performance.  Short positions in wheat incurred losses after the
commodity rallied in June. Long positions in cocoa made gains, predominantly in
June. Bond trading posted a loss as gains in European bonds were offset by
losses in Japanese government bonds and US Treasuries.  Short
positions in Euro-Bund, Euro-Schatz and Euro-BOBL profited.  However,
losses in April affected returns after long Japanese bonds experienced a
large-scale sell-off as annual inflation hit a 10-year high.  Later in
the period, short positions in Japanese bonds suffered as yields fell. Trading
in US Treasuries was also negative as a choppy environment led to losses in both
long and short positions. Currency trading finished the quarter flat as gains
from long Brazilian realand Australian dollar
trades against the US dollar were offset by losses realized from short Japanese
yen and British pound positions against the US dollar as well as unfavorable
results from Swiss franc trading against the US dollar.  Trading
within the energy sector secured the largest gains over the 2nd quarter of 2008
as all markets posted gains.  Long natural gas positions also added
strong profits over the quarter as prices rose 31%, peaking at US $13.353. Long
positions in other crude oil distillates such as RBOB gasoline, heating oil and
gas oil also posted strong profits over the quarter.  Interest rates
trading performed well, driven by short positions in Euribor and Short Sterling
contracts, although towards the end of the quarter short positions in Eurodollar
contracts produced losses. Metals trading posted a flat return.  Base
metals contributed profits with long positions in copper and aluminum paying off
well, while short positions in zinc supported well.  However, precious
metals offset gains after long gold trades suffered from a drop in prices to
around US $850 at the beginning of May.  Towards the end of the
period, gold started to recover. Stock trading incurred a loss, with trades in
the Nikkei 225 and Topix 100 indices proving to be the main detractors to
performance. Short equity positions, particularly in the Japanese indices
mentioned above, suffered in April and May.  However, in June, global
equities plummeted. As a result long positions in a number of headline bourses,
such as the Nasdaq 100, detracted from performance.





During
the three month period ended June 30, 2008, the Man-Glenwood Funds’ commodity
& macro managers posted a strongly positive return.  The top
performing distressed and credit manager has consistently generated positive
performance in a variety of strategies and geographies over the
quarter.  Equity hedge managers generally posted a profit for the
quarter, with the exception of one manager that underperformed in
June.  A dedicated short seller, finished the quarter in positive
territory rebounding from earlier losses.  A Japan-focused, market
neutral manager has consistently generated solid performance throughout the
quarter; both of their sub-trading styles (e.g., fundamental and flow-oriented)
contributed. Event driven manager performance was mixed generating a slightly
positive overall return at the style level.  The general tone of the
market was negative and US event managers have been slow to increase gross and
net exposures in this environment.  An activist manager suffered
losses in consumer-oriented positions but maintains high conviction in these
holdings.  Several managers suffered in June offsetting gains from the
beginning of the quarter. One thematic, “friendly” activist manager made major
gains in beginning of the quarter on their alternative energy and engineering
& construction holdings (these positions gave up some gains in June but the
manager is still up around 25% on the quarter).  Positive relative
value performance for the quarter was driven largely from one convertible
arbitrage manager.  Variable equity managers posted mixed, but overall
positive, performance.




15









Three
months ended March 31, 2008:




During
the three month period ended March 31, 2008, Man-AHL 130’s trading within
agricultural markets made gains across the majority of contracts, with corn
trading providing the largest contribution. Soy-based products rose to record
highs during February, although March saw a retraction in prices, paring earlier
gains from long positions. Bond trading accrued profits as Japanese bonds and US
Treasuries led the way.  Currency trading contributed excellently
during the period.  Long positions in various currencies, in
particular the euro and the Swiss franc, against the US dollar proved highly
beneficial. Energy delivered a solid profit for the quarter.  Long
positions in crude oil were beneficial, with prices closing at a then record
high of US$110.33 per barrel on March 13, 2008.  Long positions in
distillate products such as gas oil and heating oil produced
profit.  Precious metals trading made a solid profit as long positions
in gold, silver and platinum made gains.  Positive trading in copper offset
losses from aluminium.  Trading in short-term interest rates posted a
firm gain over the first quarter despite market volatility.  Long
positions in Eurodollar and Euribor contracts posted the largest part of
gains.  However, these earlier gains were reduced in the latter part
of the quarter.  Stock market trading posted a gain over the quarter,
with short positions in the Nikkei, TOPIX and S&P 500 proving particularly
fruitful.  Short exposure to European markets such as the Euro Stoxx,
CAC40 and Dax also contributed to gains. However, some profits were reversed as
indices rose higher at the end of March 2008.




During
the three month period ended March 31, 2008, the Man-Glenwood Funds’ commodity
and macro managers posted a profit over the first quarter.  Over the
course of the quarter, managers gave back earlier gains.  Returns for
equity hedge managers reflected the high levels of dispersion in the equity
markets; ranging from -2.1% in a Japan-focused manager to +9.0% in a US focused
short-only manager.  European managers that posted positive returns
achieved this mainly through sector positioning and stock picking (financials
and consumer shorts and longs in resource companies were top
gainers).  Asia focused managers that were successful actively traded
their portfolios.  Notwithstanding some positives in the quarter, overall
performance in this style was negative.  During the fourth quarter of 2007,
despite the overall negative performance by event driven managers, a handful of
activist managers did find mild success, and performance in the relative value
style was driven largely by the performance of one manager that focused on
relative value within the residential mortgage-backed securities (RMBS)
space.  Variable equity posted a negative return over the
quarter.  The first quarter of 2008 proved to be one of the most
turbulent in history for the credit markets, with managers in the distressed
& credit arena largely posting losses for the product.  Managers
with a net short bias profited from investors liquidating positions, while long
exposure to leverage loan deals and equities negatively impacted performance. Of
note, short positions in sub-prime mortgages and banks returned strongly, but
these gains were more than offset by indiscriminate selling in various areas of
the market.




Three
months ended December 31, 2007:




During
the three month period ended December 31, 2007, Man-AHL 130’s trading within
agricultural markets posted positive returns, with significant gains recorded
from soybeans and corn.  In October, agriculturals experienced a
slight loss as long positions in wheat suffered.  Strong performance
in November was driven by long trades in soybeans.  Strong performance
continued in December, driven by soy products and corn.  Trading in
bonds made a positive contribution to Man-AHL 130’s performance.  US
Treasury bonds and Japanese bonds delivered positive returns, while Eurobonds
negatively impacted performance. A general switch into long positions in US
Treasury bonds was costly at first but proved particularly fruitful in
November.  Japanese bonds appreciated in similar fashion over
November.  Currency trading posted strong returns during the final
quarter of 2007.  Strong trends re-emerged following the turmoil of
the third quarter, which Man-AHL 130 was able to capture.  Long euro
positions versus the US dollar and British pound performed well during the
period.  Further profits came from long Swiss franc positions against
the US dollar.  Long Canadian dollar trades versus the US dollar also
produced gains.  Trading in the energy sector accrued significant
profits.  Substantial gains were experienced from long crude oil,
heating oil and gas oil positions.  However, in November, crude oil
and other distillate products incurred losses after prices dropped over the
final week of the month.  Short positions in natural gas lifted
performance in November.  In December, performance was once again
positive, with a rise in the price of crude oil and other distillate products
offsetting losses in natural gas.  Man-AHL 130’s metal trading posted
a profit during the period with long positions in gold making excellent gains.
Trading in short-term interest rates posted a firm gain over the fourth quarter,
with








16








Eurodollar
and short Sterling contracts contributed most to profits over the
period.  Finally, stock market trading posted a loss over the quarter,
with long positions in the Nasdaq 100 and Euro-Stoxx index the leading
detractors.




During
the three month period ended December 31, 2007, the performance for the
Man-Glenwood Funds’ commodity & macro managers was strongly
positive.  In October, managers benefited from a sharp decline in the
US dollar relative to most G7 and emerging market
currencies.  Managers that performed strongly mid-quarter benefited
from tactical oil and metals positions as well as yield curve steepening
trades.  Managers largely benefited from the increase in currency,
equity and interest rate volatility as well as from tactical long positions in
oil, gold and agricultural commodities.  Equity hedge manager returns
were widely dispersed over the quarter, although the majority of managers ended
in positive territory.  The volatile, high dispersion environment was
beneficial for stock pickers, with managers who had a trading component within
their strategy able to generate positive alpha,
opportunistically.  This dispersion theme continued in the fourth
quarter with event driven managers generating a wide range of returns, although
final returns were positive.  A manager focused on a variety of energy
related themes posted strong quarter-end performance, recovering from
mid-quarter losses.  Elsewhere, an activist manager profited from
short positions in financials and monolines.  In relative value,
significant gains for the quarter were generated by one manager with a
distinctly short-credit bias specializing in lower rated tranches of sub-prime
and other mortgage-related debt.  Gains for the quarter were offset by
another manager’s December losses, primarily driven by broken merger
deals.  Quarter returns for variable equity were negative as
performance from long-biased managers, regardless of the region, offset gains
elsewhere.  As sub-prime related write-downs gradually emanated
through newswires, long positions in financial names were affected, while the
ensuing flight from risk saw cyclical sector stocks sold off in preference for
defensive stocks, also to the detriment of our managers.  Distressed
& credit performance was driven largely by one manager that took out short
positions in financial services companies including
broker-dealers.  Finally, additional gains were made from short
holdings in sovereign debt, commercial mortgages and consumer/retailers
stocks.




Three
months ended September 30, 2007:




During
the three month period ended September 30, 2007, trading by the AHL-Diversified
Program in the agricultural sector produced positive returns, led by strong
returns from long positions in wheat.  Trading in soy beans and soy
meal added further gains while most other agricultural contracts traded close to
flat over the period.  Bond sector trading resulted in losses as bond
yields trended almost uniformly lower over the period. Short positions in
Australian bonds proved costly at the beginning of the period, while a long bias
in Eurobond contracts also struggled towards the end of the
quarter.  Japanese bond trading delivered positive
results.  Trading in currencies was slightly negative for the
quarter.  Initially, strong profits accrued as short positions in the
US dollar against a variety of currencies were beneficial.  The energy
sector produced solid returns in the quarter.  The principal driver
behind performance came from long holdings in crude oil futures
contracts.  Elsewhere, modest gains were made in short natural gas and
long gas oil positions.  The metals complex was dominated by long
positions in gold.  Elsewhere, trading in silver and copper was flat
while long nickel positions detracted from performance.  Trading in
the short-term interest rate market was profitable and relatively stable
throughout the quarter.  Slight losses came from long positions in
short sterling and euribor contracts.  Long positions in Eurodollar
contracts proved effective.  Trading within the stock sector detracted
somewhat from performance over the quarter as indices saw considerable
volatility.  Positions in the Japanese Nikkei 225 detracted from
performance along with positions in the US markets including positions in the
S&P 500 index.  Hong Kong’s Hang Seng index rose, benefiting long
positions.




For the
three-month period ended September 30, 2007, the commodity & macro style
pursued by the Man-Glenwood Funds posted a positive return despite difficult
market conditions.  Key drivers of positive returns were long
positions in equities and commodities toward the end of the period as well as
short positions in US mid-cap equities and long volatility earlier in the
period.  Reversals in FX markets and fixed income exposure detracted
from performance.  The equity hedge style contributed positively over
the period. Long equity trades, particularly in Asian developing market
equities, yielded strong returns. Some managers showed losses in August, but
most were able to pare losses as markets rebounded.  The event driven
style produced losses despite a strong finish to the quarter.  Losses
were realized primarily during the middle of the period.  Merger
arbitrage strategy suffered, but ended the period well.  The relative
value style generated positive returns, primarily by short credit biased
managers, despite mid-period losses.  Despite gains in September,
variable equity managers ended down, posting negative returns early in July into
mid August. Long positions in financials, US homebuilders and steel as well as
Japanese










17






consumer
equities were the most costly. Managers were, however, able to recover later in
the quarter.  Lastly, the distressed and credit style was close to
flat over the period.




Three
months ended June 30, 2007:




During
the three month period ended June 30, 2007, performance of the AHL Diversified
Program in the agriculturals sector was relatively flat until the final few
weeks of the period where it made a small loss.  Trading performance
was dominated by long positions in soybeans and soy oil.  Positions in
corn and wheat performed negatively.  Trading in the bond sector made
a positive contribution to Man-AHL 130’s performance.  The leading
trade was a short position in US Treasuries.  Short trades in Euro
Bund and UK Gilts also returned profitably.  The currency sector
generated excellent returns over the period as a short position in the Japanese
yen against the US dollar powered profits.  A long position in the
Canadian dollar against the US dollar performed well.  Trading in the
energy sector resulted in a modest loss during the period.  Short
positions in crude oil were unprofitable.  Natural gas was a positive
contributor.  The metals complex posted the largest negative return,
albeit a relatively minor one, as nickel continued its fall from May's record
high.  Long positions in the precious metals, gold and silver,
generated slight losses.  Short-term interest rate trading was
profitable as gains were accrued via a three pronged attack which featured short
trades in Euribor, Short Sterling and Eurodollar contracts.  Finally,
trading within the stock sector proved beneficial as indices endured a rather
volatile period but ended up over the three months.  Long positions in
the DAX 30 and S&P 500 indices were strong contributors to, while the
Japanese Topix and Nikkei 225 composites slightly detracted from,
performance.




During
the three month period ended June 30, 2007, the commodity and trading style
pursued by the Man-Glenwood Funds posted a strong return over due to significant
currency moves in the US dollar, euro and British
pound.  Strengthening in some metals provided solid opportunities for
global macro, trend following and discretionary trading managers, while short US
and European bond trades proved profitable.  The equity hedge style
generated a positive return.  In the U.S., specific trades in
technology, telecom, financial services and steel sectors performed
well.  In Europe, a positive deal environment generated strong returns
in both long and short books across the financials and technology
areas.  Emerging market names, particularly in the internet, telecom,
advertising, and software sectors were also positive
contributors.  The event driven style generated strong performance
early and mid-quarter.  In April and May, merger and acquisition
activity surged in both the US and Europe providing an abundance of
opportunities.  By quarter end, volatility within the credit markets
spilled over into equities and adversely impacted merger arbitrage
spreads.  Relative value style performance was primarily driven by
capital structure arbitrage, credit arbitrage, and multi-strategy managers early
in the second quarter.  Towards quarter end, deteriorating conditions
within the sub-prime mortgage market allowed several managers to profit, as they
positioned their portfolios in anticipation of such an event.  In the
U.S., positions in steel manufacturers, engineering companies, homebuilders,
cyclicals, transportation, consumer retail, materials, financials and targets of
acquisitions by private equity groups were significant performance drivers for
US variable equity managers.  Elsewhere, European, Japanese and Asian
ex Japan managers also contributed to performance. Finally, the distressed and
credit style posted a gain over the quarter.  Credit markets performed
well early in the quarter.  From mid-quarter through quarter-end, and
despite high yield credit spreads widening, managers benefited from
security-specific positions that traded higher as a result of certain catalysts
that were realized.




Item
7A.  Quantitative and Qualitative
Disclosures About Market Risk




Not required.




Item
8.   Financial Statements and Supplementary Data




Financial
statements required by this item, including the report of the independent
registered accounting firm for the fiscal years ended March 31, 2009 and 2008
are included as Exhibit 13.01 to this report and incorporated by reference into
this Item 8.




The
following summarized quarterly financial information presents the results of
operations of the Class A Units for the three month periods ended June 30,
September 30, December 31 and March 31 during the fiscal years for which Man-AHL
130 was in operation.  This information has not been
audited.  The Class B Units commenced operations as of April 1,
2008.










18








Class A
Series 1 Units




Period
      Ended:
            September
      30
              2007
            December
      31
              2007
            March
      31
              2008Interest
      Income:
            $812
            $1,134
            $1,357Net
      Realized and Unrealized Gains (Losses):
            $3,185
            $14,491
            $50,077Expenses:
            $1,955
            $5,414
            $14,692Net
      Income (Loss):
            $2,043
            $10,212
            $36,742Increase
      (Decrease) in Net Asset Value per Unit
            $1.70
            $5.91
            $27.52








Period
      Ended:
            June
      30
              2008
            September
      30
              2008
            December
      31
              2008
            March
      31
              2009Interest
      Income:
            $1,538
            $2,252
            $1,823
            $764Net
      Realized and Unrealized Gains (Losses):
            $33,058
            ($98,905)
            $178,466
            ($53,154)Expenses:
            $11,208
            $6,260
            $31,701
            $10,160Net
      Income (Loss):
            $23,388
            ($102,913)
            $148,588
            ($62,550)Increase
      (Decrease) in Net Asset Value per Unit
            $5.56
            ($19.22)
            $23.26
            ($9.94)








Class A
Series 2 Units




Period
      Ended:
            June
      30
              2007
            September
      30
              2007
            December
      31
              2007
            March
      31
              2008Interest
      Income:
            $113,383
            $105,078
            $99,125
            $77,542Net
      Realized and Unrealized Gains (Losses):
            $2,370,435
            $26,004
            $1,361,161
            $2,856,496Expenses:
            $635,393
            $202,688
            $434,346
            $777,160Net
      Income (Loss):
            $1,848,425
            $(71,606)
            $1,025,940
            $2,156,875Increase
      (Decrease) in Net Asset Value per Unit
            $12.32
            $(0.48)
            $6.84
            $14.39








Period
      Ended:
            June
      30
              2008
            September
      30
              2008
            December
      31
              2008
            March
      31
              2009Interest
      Income:
            $67,771
            $64,209
            $46,358
            $15,919Net
      Realized and Unrealized Gains (Losses):
            $1,260,082
            ($2,902,835)
            $4,537,777
            $(1,092,739)Expenses:
            $403,723
            $122,311
            $738,008
            $156,337Net
      Income (Loss):
            $924,130
            ($2,960,937)
            $3,846,127
            $(1,233,157)Increase
      (Decrease) in Net Asset Value per Unit
            $6.04
            ($19.08)
            $24.08
            ($9.71)








19







Class B
Series 1 Units





Period
      Ended:
            June
      30
              2008
            September
      30
              2008
            December
      31
              2008
            March
      31
              2009Interest
      Income:
            $6,290
            $10,947
            $12,223
            $5,825Net
      Realized and Unrealized Gains (Losses):
            $120,101
            ($425,947)
            $1,190,913
            ($405,234)Expenses:
            $44,411
            $28,204
            $214,607
            $77,862Net
      Income (Loss):
            $81,980
            ($443,204)
            $988,529
            ($477,271)Increase
      (Decrease) in Net Asset Value per Unit
            $5.26
            ($18.58)
            $23.33
            ($9.91)





Class B
Series 2 Units





Period
      Ended:
            June
      30
              2008
            September
      30
              2008
            December
      31
              2008
            March
      31
              2009Interest
      Income:
            $9,934
            $14,648
            $14,465
            $6,998Net
      Realized and Unrealized Gains (Losses):
            $186,195
            ($590,936)
            $1,401,501
            ($483,321)Expenses:
            $60,187
            $25,817
            $233,700
            $68,913Net
      Income (Loss):
            $135,942
            ($602,105)
            $1,182,266
            ($545,236)Increase
      (Decrease) in Net Asset Value per Unit
            $5.74
            ($18.43)
            $24.15
            $(9.68)








There
were no extraordinary, unusual or infrequently occurring items recognized in any
quarter within the two most recent fiscal years.  There have been no
year-end adjustments that are material to the results of any fiscal quarter
reported above.




Item
9.   Changes in and Disagreements with Accountants


on Accounting and Financial Disclosure




None.




Item
9A(T).   Controls and
Procedures




The
Managing Member, with the participation of the Managing Member’s principal
executive officer and principal financial officer, has evaluated the
effectiveness of the design and operation of its disclosure controls and
procedures with respect to Man-AHL 130 as of the end of the fiscal year for
which this Annual Report on Form 10-K is being filed, and, based on their
evaluation, have concluded that these disclosure controls and procedures are
effective.  There were no significant changes in the Managing Member’s
internal controls with respect to Man-AHL 130 or in other factors applicable to
Man-AHL 130 that could significantly affect these controls subsequent to the
date of their evaluation.




Changes in Internal Control
over Financial Reporting




Section
404 of the Sarbanes-Oxley Act of 2002 requires the Managing Member to evaluate
annually the effectiveness of its internal controls over financial reporting as
of the end of each fiscal year, and to include a management report assessing the
effectiveness of its internal control over financial reporting in all annual
reports.  There were no changes in Man-AHL 130’s internal control over
financial reporting during the quarter ended March 31, 2009 that have materially
affected, or are reasonably likely to materially affect, our internal control
over financial reporting.










20








Management’s Annual Report
on Internal Control over Financial Reporting




The
Managing Member is responsible for establishing and maintaining adequate
internal control over Man-AHL 130’s financial reporting.  Internal
control over financial reporting is defined in Rules 13a-15(f) and 15(d)-15(f)
under the Securities Exchange Act of 1934 as a process designed by, or under the
supervision of, a company’s principal executive and principal financial officers
and effected by a company’s board of directors, management and other personnel
to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles.  The Managing Member’s
internal control over financial reporting includes those policies and procedures
that:




·
            pertain
      to the maintenance of records that, in reasonable detail, accurately and
      fairly reflect the transactions and dispositions of Man-AHL 130’s
      assets;




·
            provide
      reasonable assurance that transactions are recorded as necessary to permit
      preparation of Man-AHL 130’s financial statements in accordance with
      generally accepted accounting principles, and that Man-AHL 130’s receipts
      and expenditures are being made only in accordance with authorizations of
      the Managing Member’s management and directors;
  and




·
            provide
      reasonable assurance regarding prevention or timely detection of
      unauthorized acquisition, use or disposition of Man-AHL 130’s assets that
      could have a material effect on Man-AHL 130’s financial
      statements.




Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements.  Projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.




The
Managing Member assessed the effectiveness of its internal control over
financial reporting with respect to Man-AHL 130 as of March 31,
2009.  In making this assessment, management used the criteria set
forth by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO) in Internal Control – Integrated Framework.  Based on its
assessment, management has concluded that, as of March 31, 2009, the Managing
Member’s internal control over financial reporting with respect to Man-AHL 130
is effective based on those criteria.




This
annual report does not include an attestation report of Man-AHL 130’s
independent registered public accounting firm regarding internal control over
financial reporting.  The Managing Member’s report was not subject to
attestation by Man-AHL 130’s independent registered public accounting firm
pursuant to rules of the SEC that temporarily permit Man-AHL 130 only to provide
the Managing Member’s report in this report.




Item
9B.  Other
Information




None.




PART
III




Item
10.   Directors,
Executive Officers and Corporate Governance




(a,b)  Identification of Directors
and Executive Officers




Man-AHL
130 has no directors or executive officers.  Man-AHL 130 is controlled
and managed by the Managing Member, although the Managing Member delegates
futures trading responsibility to its affiliate, AHL, and various administrative
responsibilities to the Administrator.  The Managing Member is
responsible for maintaining the allocation percentages between the AHL
Diversified Portfolio and the Man-Glenwood Funds as described
herein.








21






Man
Investments (USA) Corp., a Delaware corporation, serves as Managing Member with
broad oversight over the operations and affairs of Man-AHL 130.  The
Managing Member is registered with the CFTC as a commodity pool operator (“CPO”)
and commodity trading advisor (“CTA”) and is a member of the NFA.  The
Managing Member is also registered as an investment adviser with the
SEC.  The Managing Member is a subsidiary of Man Group plc, which is
listed on the London Stock Exchange and a constituent of the FTSE 100 index of
leading UK stocks.




The
principals and senior officers of the Managing Member as of March 31, 2009 are
as follows:




Andrew Stewart, born
4/15/74.  Mr. Stewart is a Director of the Managing Member as well as
President, Chief Executive Officer and Chief Operating Officer. In addition to
his affiliation with the Managing Member, Mr. Stewart is also the President and
Chief Operating Officer of the Man Investments. Mr. Stewart joined the Managing
Member in May 2008, and is responsible for overall supervision of the Managing
Member’s and Man Investments’ activities in the U.S. Mr. Stewart works closely
with the U.S. management team, as well as the intermediary sales team and the
institutional relationship management team, based in Chicago and New York
respectively, to develop strategic business planning.  Mr. Stewart is
registered as an associated person of the Managing Member and is listed as a
principal of the Managing Member as of November 4, 2008.




Prior to
joining the Managing Member in 2008, Mr. Stewart held several positions at an
investment management firm, Financial Risk Management’s (“FRM”) U.S. affiliate,
FRM Americas, LLC, which most recently, until his departure in May 2008,
included his position of Director — Product Development and Strategy and was a
member of FRM Americas' Global Marketing Board and various other management
committees.  Mr. Stewart was registered as an associated person of FRM
America from October 18, 2005 to April 25, 2008, and was listed as a principal
of FRM America from October 13, 2006 to July 30, 2007.  At various
times from June 2005 to January 2007, Mr. Stewart also served as FRM Americas’
Head of Business Development, General Counsel and Chief Compliance Officer and
was a member of FRM Americas’ Board of Directors. Additionally, between August
2003 and June 2005 he held various management positions, including Senior Vice
President, Senior Counsel and Head of Transaction Business Legal Group, at FRM's
London office. Before joining FRM, Mr. Stewart was an Associate in the
investments funds practice group at Akin Gump Strauss Hauer & Feld LLP from
September 1999 to August 2003. Mr. Stewart received a B.A. from the University
of California, Santa Barbara and a J.D. from Indiana University.




Alicia Borst Derrah,
born 3/17/58. Ms. Derrah is the Chief Financial Officer, Vice President and
Secretary of the Managing Member and of Glenwood. She has also been the
Principal Financial Officer of the Man-Glenwood Funds since 1993.  She
is also the Principal Financial Officer of the Portfolio Company and the
Financial and Operations Principal for Man
Investments.  Ms. Derrah joined the Managing Member in October
2005 and joined Glenwood in September 1992 and is responsible for their
respective accounting and financial reporting functions. Ms. Derrah is
registered as an associated person of the Managing Member and is listed as a
principal of the Managing Member as of November 16 and November 17, 2005,
respectively.  Ms. Derrah is registered as an associated person of
Glenwood and is listed as a principal of Glenwood as of October 22 and October
20, 1993, respectively.  From December 1987 to August 1992,
Ms. Derrah was employed by Arthur Andersen LLP as a senior auditor in the
Financial Services division of the firm. Ms. Derrah’s clients included
Glenwood, bank holding companies and capital markets institutions.





Prior to joining Arthur Andersen,
Ms. Derrah was employed by The Sanwa Bank, Ltd., in its Chicago branch
office, as an analyst in the corporate finance area from April 1981 to December
1987. In that capacity, Ms. Derrah worked primarily with local Fortune
500 companies and was responsible for both corporate credit analysis and
continued business development. Ms. Derrah is a C.P.A. and received a B.A.
from Mundelein College.





Man Investments Holdings
Inc., a Delaware corporation, is also a principal of the Managing Member,
but does not participate in making trading or operational decisions for Man-AHL
130.  Man Investments Holdings Inc. is an indirect, wholly-owned
subsidiary of Man Group plc.




(c)   Identification of Certain
Significant Employees




None.






22








(d)   Family
Relationships




None.




(e)   Business
Experience




See Item
10 (a,b) above.




(f)   Involvement in Certain Legal
Proceedings




None.




(g)   Section 16(a) Beneficial
Ownership Reporting Compliance




Not
applicable.




(h)   Code of
Ethics




Man-AHL
130 has no employees, officers or directors and is managed by the Managing
Member.  The Managing Member has adopted an Executive Code of Ethics that
applies to its principal executive officers, principal financial officer and
principal accounting officer.  A copy of this Executive Code of Ethics may
be obtained at no charge by written request to Man Investments (USA) Corp., 123
N. Wacker Drive, 28th Floor, Chicago, Illinois 60606 or by calling: (312)
881-6800 (ask for the Chief Legal Officer).




(i)   Audit Committee Financial
Expert




Because
Man-AHL 130 has no employees, officers or directors, Man-AHL 130 has no audit
committee.  Man-AHL 130 is managed by the Managing
Member.  Alicia Derrah serves as the Managing Member’s “audit
committee financial expert.”  Ms. Derrah is not independent of the
management of the Managing Member.  The Managing Member is not
required to have, and does not have, independent directors.




Item
11.  Executive Compensation




Man-AHL
130 has no directors, officers or employees.  None of the directors,
officers or employees of the Managing Member receive compensation from Man-AHL
130.  The Managing Member receives a management fee of 1/12 of 0.75%
of the Net Asset Value of all outstanding Units at each month-end (a 0.75%
annual rate), calculated monthly and paid quarterly in arrears.  The
AHL Diversified Program is operated by members of the Man Group, which receives
substantial compensation from Man-AHL 130 for doing so.  Man-AHL 130
pays substantial brokerage commissions to its futures brokers, including MF
Global Inc., limited to no more than 3% of Man-AHL 130’s average month-end Net
Asset Value during each fiscal year, and has paid clearing fees on forward
trades to MF Global UK Ltd., an affiliate of the Managing Member.  The
Man-Glenwood Funds are operated by members of the Man Group, which receive
substantial compensation for doing so.  Man Investments Inc. receives
an investor servicing fee for the provision of investor services to the
Man-Glenwood Funds and receives ongoing Client Servicing Fees from Man-AHL 130,
as described below.










23








Item
12.   Security Ownership of Certain Beneficial Owners
and Management and Related Stockholder Matters





(a)   Security Ownership of Certain Beneficial Owners




Other
than as set forth below, Man-AHL 130 knows of no person who owns beneficially
more than 5% of the Units of either Class.




(b)   Security Ownership of Management




As of
March 31, 2009:




Title of class
            Name and address of beneficial
      owner
            Amount and nature of beneficial
      interest
            Percent of classClass
      A Units
            Man
      Investments (USA) Corp.
              123
      N. Wacker Drive
              28th
      Floor
              Chicago,
      IL 60606
            150,000
      Units (Series 2) held directly
            87.95%







(c)   Changes in Control




None.




(d)   Securities Authorized for
Issuance Under Equity Compensation Plans




None.




Item
13.   Certain Relationships and Related Transactions,
and Director Independence




See “Item
10.   Directors,
Executive Officers and Corporate Governance
—(a,b)  Identification of Directors
and Executive Officers and —(i)   Audit Committee Financial
Expert,” “Item 11.  Executive Compensation”
and “Item 12.  Security Ownership of
Certain Beneficial Owners and Management and Related Stockholder
Matters.”  The Managing Member organized and controls Man-AHL
130.  The Managing Member and its affiliates are the primary service
providers to Man-AHL 130.  None of the fees paid by Man-AHL 130 to the
Managing Member or any affiliate were negotiated at arm’s-length.  For
managing Man-AHL 130’s futures and forward trading, AHL, an affiliate of the
Managing Member, charges a management fee of 1/6 of 1% of the month-end notional
value of Man-AHL 130’s AHL account (a 2% annual rate) – approximately equal to
Man-AHL 130’s Net Asset Value – calculated and paid as of the end of each
calendar month and a monthly incentive fee of 20% of any “new net profit,” as
defined in the prospectus included in Man-AHL 130’s registration statement,
attributable to Man-AHL 130’s AHL account.  Man-AHL 130 paid $851,887
in management fees and $1,156,176 in incentive fees to AHL for the year ended
March 31, 2009.  Man Investments, an affiliate of the Managing Member
which serves as the lead selling agent for Man-AHL 130, is entitled to a Client
Servicing Fee equal to 1/12 of 1.25% of the Net Asset Value of the Class A
Series 1 and Class B Series 1 Units at each month-end (a 1.25% annual rate),
calculated monthly and paid quarterly in arrears.  Man-AHL 130 paid
$63,873 in Client Servicing Fees to Man Investments for the year ended March 31,
2009.  The Client Servicing Fee is not charged against Class A Series
2 and Class B Series 2 Units, which are offered exclusively to (i) investors
participating in selling agent asset-based or fixed-fee investment programs, or
in investment advisors’ fee-based advisory programs, or (ii) direct
institutional investors, including, but not limited to, certain tax-exempt
employee benefit trusts, employee benefit plans, deferred compensation plans and
individual retirement accounts that purchase Units through Man Investments
Inc.  Man Investments Inc. is subject to the regulatory limitation
that it not receive aggregate selling commissions (i.e., the Client Servicing
Fee) in excess of 10% of the sale price of all Units.  The Managing
Member expects that a significant majority of the Client Servicing Fee received
by Man Investments Inc. will be paid on to unaffiliated selling agents assisting
with the placement of the Units.  The Portfolio Company, through which
the Man-Glenwood Funds access the Sub-Funds, pays Glenwood a management fee at a
rate of 1.75% per annum of the aggregate value of the Portfolio Company’s
outstanding interests, calculated monthly and paid quarterly, and the
Man-Glenwood Funds each pay Glenwood a 0.25% per








24






annum
administrative fee, similarly calculated.  Man Investments Inc.
receives an investor servicing fee of 0.50% of net assets per annum for the
provision of investor services to the Man-Glenwood Funds, calculated monthly and
paid quarterly.  The Managing Member’s interest in Man-AHL 130 showed
an allocation of income of $522,100 for the year ended March 31,
2009.




Item
14.   Principal Accountant Fees
and Services




(1)           Audit
Fees




The
aggregate fees for professional services rendered by Deloitte & Touche LLP
in connection with the audit of Man-AHL 130’s financial statements and reviews
of the financial statements included in the quarterly reports on Form 10-Q and
in connection with the statutory and regulatory filings for the years ended
March 31, 2008 and March 31, 2009 were approximately $130,000 and $133,500
respectively.




(2)           Audit-Related
Fees




There
were no fees for assurance and related services rendered by Deloitte &
Touche LLP for the years ended March 31, 2008 and 2009.




(3)           Tax Fees




The
aggregate fees for professional services rendered by Deloitte & Touche LLP
for the benefit of Man-AHL 130 for the years ended March 31, 2008 and March 31,
2009 were approximately $30,000 and $24,800 respectively.




(4)           All Other
Fees




None




(5)           Pre-Approval
Policies




The board
of directors of the Managing Member pre-approves the engagement of Man-AHL 130’s
auditor for all services to be provided by the auditor.




PART
IV




Item
15.   Exhibits
and Financial Statement Schedules





(a)(1)   Financial Statements




The
following are included with the Report of IndependentRegistered Public
Accounting Firm dated June 29, 2009 a copy of which is filed herewith
as Exhibit 13.01 :




Condensed
Schedules of Investments (a)


Statements
of Financial Condition (a)


Statements
of Operations (a)


Statements
of Changes in Members’ Equity (a)


Statements
of Cash Flows (b)


Financial
Highlights (b)


Notes
      to Financial Statements




(a)
      At March 31, 2009 and March 31,
2008


(b)
      For the years ended March 31, 2009 and
2008





(a)(2)   Financial Statement Schedules










25






All
Schedules are omitted for the reason that they are not required or are not
applicable because equivalent information has been included in the financial
statements or the notes thereto.




(a)(3)   Exhibits as required by Item 601 of Regulation S-K




The
following exhibits are included herewith.




Designation                      Description




13.01
              Report
      of Independent Registered Public Accounting
Firm


31.1
                Rule
      13a-14(a)/15d-14(a) Certification of Principal Executive
      Officer


31.2
                Rule
      13a-14(a)/15d-14(a) Certification of Principal Financial
      Officer


32.1
                Section
      1350 Certification of Principal Executive
  Officer


32.2
                Section
      1350 Certification of Principal Financial
  Officer




The
following exhibit is incorporated by reference from the exhibit of the same
number and description filed with Man-AHL 130’s Registration Statement (File No.
333-126172) filed on June 28, 2005 on Form S-1 under the Securities Act of
1933.


3.01(i)
                Certificate
      of Formation of
Registrant.




The
following exhibit is incorporated by reference from the exhibits of the same
number and description filed with Amendment No. 3 to Man-AHL 130’s Registration
Statement (File No. 333-126172) filed on April 17, 2006 on Form S-1 under the
Securities Act of 1933.




10.02
            Form
      of Customer Agreement between the Registrant and Man Financial Inc. (now
      MF Global)




The
following exhibit is incorporated by reference from the exhibits of the same
number and description filed with Post-Effective Amendment No. 5 to Man-AHL
130’s Registration Statement (File No. 333-126172) filed November 29, 2006 on
Form S-1 under the Securities Act of 1933.




10.01
            Form
      of Administration Agreement between Man-AHL 130 and the
      Administrator.




The
following exhibits are incorporated by reference from the exhibits of the same
number and description filed with Post-Effective Amendment No. 6 to Man-AHL
130’s Registration Statement (File No. 333-126172) filed January 18, 2007 on
Form S-1 under the Securities Act of 1933.




1.01
            Form
      of General Distributor’s Agreement between the Registrant and Man
      Investments Inc.




10.02(a)
            Addendum
      to the Form of Customer Agreement between the Registrant and Man Financial
      Inc. (now MF Global Inc.)




10.03
            Form
      of Trading Advisory Agreement between Registrant and Man-AHL (USA)
      Ltd.





10.04
            Form
      of Escrow Agreement among the Registrant, the Managing Member and the
      Escrow Agent.




The
following exhibit is incorporated by reference from the exhibit of the same
number and description filed with Post-Effective Amendment No. 1 to Man-AHL
130’s Registration Statement (File No. 333-126172) filed October 16, 2007 on
Form S-1 under the Securities Act of 1933.




10.03(a)
            Amendment
      to the Form of Trading Advisory Agreement between Registrant and Man-AHL
      (USA) Ltd.








26






The
following exhibits are incorporated by reference from the exhibit of the same
number and description filed with Post-Effective Amendment No. 2 to Man-AHL
130’s Registration Statement (File No. 333-126172) filed August 11, 2008 on Form
S-1 under the Securities Act of 1933.




3.02
            Limited
      Liability Company Agreement of the
Registrant.


(amended)




10.05
            form
      of Application and Power of
Attorney





10.06
            Form
      of Trading Advisory Agreement  between the Registrant and Man
      Investments Limited.










27









SIGNATURES




Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized, on the 29th day of June,
2009.






MAN-AHL
      130, LLCBy:
                    Man
      Investments (USA) Corp.,
                      Managing
      Member


By:
                            /s/
      Andrew StewartAndrew
      StewartPresident


Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the Managing Member of the
Registrant in the capacities and on the date indicated.






Signature
                            
                            Title
      with
                              Managing
      Member
                            
                            Date/s/
      Andrew Stewart
                            
                            Presidentand
      Director
                            
                            June
      29, 2009Andrew Stewart
                            
                            (Principal
      Executive Officer)/s/
      Alicia B. Derrah
                            
                            Chief
      Financial Officer
                            
                            June
      29, 2009Alicia
      B. Derrah
                            
                            (Principal
      Financial and Accounting Officer)




(Being
the principal executive officer, the principal financial officer and principal
accounting officer, and a majority of the directors of Man Investments (USA)
Corp.)




Man
Investments (USA) Corp.


Managing
Member of Registrant


June
29,2009




By /s/ Andrew
Stewart


Andrew Stewart


President




Supplemental Information Furnished With
Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not
Registered Securities Pursuant to Section 12 of the Act.




As of March 31, 2009 and as of the date
hereof, Registrant has not sent any annual reports or proxy statements to
security holders.










28









EXHIBIT
INDEX





The
following exhibits are included herewith.




Designation                   
Description




13.01
                Report
      of Independent Registered Public Accounting
Firm


31.1
                Rule
      13a-14(a)/15d-14(a) Certification of Principal Executive
      Officer


31.2
                Rule
      13a-14(a)/15d-14(a) Certification of Principal Financial
      Officer


32.1
                Section
      1350 Certification of Principal Executive
  Officer


32.2
                Section
      1350 Certification of Principal Financial
  Officer




The
following exhibit is incorporated by reference from the exhibit of the same
number and description filed with Man-AHL 130’s Registration Statement (File No.
333-126172) filed on June 28, 2005 on Form S-1 under the Securities Act of
1933.


3.01(i)
                Certificate
      of Formation of
Registrant.




The
following exhibit is incorporated by reference from the exhibits of the same
number and description filed with Amendment No. 3 to Man-AHL 130’s Registration
Statement (File No. 333-126172) filed on April 17, 2006 on Form S-1 under the
Securities Act of 1933.




10.02
            Form
      of Customer Agreement between the Registrant and Man Financial Inc. (now
      MF Global Inc.)




The
following exhibit is incorporated by reference from the exhibits of the same
number and description filed with Post-Effective Amendment No. 5 to Man-AHL
130’s Registration Statement (File No. 333-126172) filed November 29, 2006 on
Form S-1 under the Securities Act of 1933.




10.01
            Form
      of Administration Agreement between Man-AHL 130 and the
      Administrator.




The
following exhibits are incorporated by reference from the exhibits of the same
number and description filed with Post-Effective Amendment No. 6 to Man-AHL
130’s Registration Statement (File No. 333-126172) filed January 18, 2007 on
Form S-1 under the Securities Act of 1933.




1.01
            Form
      of General Distributor’s Agreement between the Registrant and Man
      Investments Inc.




10.02(a)
            Addendum
      to the Form of Customer Agreement between the Registrant and Man Financial
      Inc. (now MF Global)




10.03
            Form
      of Trading Advisory Agreement between Registrant and
    Man-AHL


(USA)
      Ltd.




10.04
            Form
      of Escrow Agreement among the Registrant, the Managing Member and the
      Escrow Agent.




The
following exhibit is incorporated by reference from the exhibit of the same
number and description filed with Post-Effective Amendment No. 1 to Man-AHL
130’s Registration Statement (File No. 333-126172) filed October 16, 2007 on
Form S-1 under the Securities Act of 1933.




10.03(a)
            Amendment
      to the Form of Trading Advisory Agreement between Registrant and Man-AHL
      (USA) Ltd.





The
following exhibits are incorporated by reference from the exhibit of the same
number and description filed with Post-Effective Amendment No. 2 to Man-AHL
130’s Registration Statement (File No. 333-126172) filed August 11, 2008 on Form
S-1 under the Securities Act of 1933.




3.02
            Limited
      Liability Company Agreement of the
Registrant.


(amended)















10.05
            Form
      of Application and Power of
Attorney





10.06
            Form
      of Trading Advisory Agreement  between the Registrant and Man
      Investments Limited.